PEIAtlantic Lottery Corporation returned an almost $12-million increase in profit in 2024-25 — but P.E.I.’s share was down, and officials are attributing much of that to big losses at Red Shores Racetrack and Casino. Live racing revenues on the Island remain consistentMarilee Devries · CBC News · Posted: Oct 21, 2025 7:00 PM EDT | Last Updated: 5 hours agoP.E.I.’s largest racetrack and casino saw profits drop amid ‘challenging year’Profits took a big hit at P.E.I.’s Red Shores Racetrack and Casino in the 2024-25 fiscal year, according to the Atlantic Lottery Corporation, which owns the venue. Officials say the economy is partly to blame. CBC’s Wayne Thibodeau has more Profits are down at P.E.I.’s largest casino and racetrack, but officals with the Atlantic Lottery Corporation say they’re confident Red Shores will turn a corner — and a better profit — in the year ahead.ALC, which owns Red Shores, saw an almost $12-million increase in profit in 2024-25 — but P.E.I.’s share was down.The organization returned $25.9 million to P.E.I. in overall lottery revenues, just under $1 million less than the year before. By contrast, the other three Atlantic provinces all saw increases. Red Shores’ casino individually had a profit of $2.5 million in the 2024-25 fiscal year, representing a decrease of about 35 per cent compared to the previous year. “Red Shores certainly had a challenging year,” ALC president and CEO Dallas McCready told CBC News. McCready cited economic and cost-of-living challenges as part of the issue, but said Red Shores is not necessarily seeing fewer visitors.’Look, there’s no other way to say it other than it was a bit of a challenging year,’ says Dallas McCready, president of the Atlantic Lottery Corporation, about the decline in profits at Red Shores Casino for 2024-25. (Submitted by Atlantic Lottery Corporation )“Many of the other provinces are experiencing the same type of thing with land-based casino operations,” he said. “The number of visits has been fairly consistent and strong, but the amount spent at each visit is certainly down.”Red Shores has also been under construction, with a large expansion underway, which McCready cites as another possible factor. “It’s just part of, you know, investing in the property and providing a great player experience,” he said. “It may have [been] a bit of a setback for us last year, but I think, you know, the years to come will certainly be well worth it.”McCready said the renovations, which include new dining and entertainment options, are expected to be completed in early 2026.Live racing revenue consistentWhile casino games at Red Shores experienced a decline, live racing revenue remained consistent, despite a decrease in bets placed at the track as more people chose to wager online. “There’s just so much pride in that operation,” McCready said. “We know what an economic generator that is both for the horse community… [and] employment-wise.”Peter Smith, vice-chair of the P.E.I. Harness Racing Industry Association, said Red Shores plays an important role for the racing community, and he hopes things improve next year.’It’s more than just a casino. [The] Red Shores facility is highly reliant on on the horsemen and the racing product that they put on the track every day,” says Peter Smith, vice-chair of the P.E.I. Harness Racing Industry Association. (Wayne Thibodeau/CBC)“[It’s] vital for the success of this whole operation here,” he said. “Really, without one, you can’t have the other to be successful.”Numbers ‘quite strong’ so far this yearMcCready said the numbers so far this year are “quite strong,” and that ALC is “not concerned long term” about Red Shores. Last year, P.E.I. received $26.8 million from ALC, $2.5 million less than the province’s cut for 2022-23. Lower profits for the lottery corporation mean less money coming into the province for things like health care and education. In a statement to CBC News, a spokesperson for P.E.I.’s Department of Finance said the province budgeted for $30.1 million in revenue from ALC for the 2024-25 fiscal year. “While Red Shores Casino numbers were lower than what had been expected, government looks at P.E.I.’s share of Atlantic Lottery Corporation profits as a whole and there were better-than-expected results in other areas that partially offset the Red Shores components,” the statement reads.”We are confident that the renovations happening at Red Shores will create a healthier play space for patrons to enjoy.” ABOUT THE AUTHORMarilee Devries is a journalist with CBC P.E.I. She has a journalism degree from Toronto Metropolitan University. She can be reached at marilee.devries@cbc.caWith files from Wayne Thibodeau
Profits have taken a big hit at P.E.I.s racetrack and casino
